The four steps that drive the timeline
1. Inquiry and pre-qualification (same day)
An equity-based assessment based on home value, mortgage balance, and the loan amount needed. This usually happens within hours of submitting an inquiry.
2. Commitment letter (1–3 business days)
Once a lending partner reviews the file, they issue a written commitment with the rate, fees, term, and any conditions to close.
3. Appraisal and conditions (2–5 business days)
A current appraisal is usually required. Conditions might include a property tax confirmation, mortgage statement, or income documentation.
4. Lawyer and funding (2–4 business days)
Your lawyer reviews the mortgage, you sign, the mortgage is registered, and funds are released. Most lawyers can move quickly when the file is clean.
What slows files down
- Missing or out-of-date documents
- Appraisal scheduling delays
- Title issues — undischarged mortgages, judgments, liens
- Slow back-and-forth with the existing first lender
What speeds things up
- Have your current mortgage statement, property tax bill, and ID ready
- Use a lawyer who has done private mortgage closings before
- Respond to lender requests the same day they come in
When you need it really fast
Power of sale, court-ordered closings, and bridge financing tied to a firm sale can close in 3–5 business days when the file is straightforward and everyone prioritizes the file.